target audience: TECH BUYER Publication date: Jun 2024 - Document type: IDC MarketScape - Doc Document number: # US51234024
IDC MarketScape: Worldwide Retail Loyalty Software Providers 2024 Vendor Assessment
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Abstract
The IDC MarketScape evaluates leading software providers by quantitatively and qualitatively assessing their capabilities and strategies regarding their loyalty offerings for retail businesses. With an emphasis on personalized and contextualized experiences, this report provides a worldwide perspective on the way retailers can leverage AI to enhance loyalty programs and integrate loyalty as a core component of the overall retail customer experience (CX). It also discusses the challenges of data management and the complexity of technology stacks, while profiling key technology partners in the loyalty space.
"As the retail landscape evolves, loyalty is paramount for measuring customer lifetime value and increase retention. The shift toward empathetic customer-brand relationships highlights the growing importance of CX investments in loyalty applications and technologies among retailers," said Ornella Urso, research director, IDC Retail Insights. "Loyalty software providers play a key role in fostering collaboration within and across retail organizations, by unlocking the value of loyalty — such as moving from transactional to experiential rewards — through AI and GenAI as well as improving data accuracy and visibility."